'LME Tin prices hit highest level since early May'

LONDON (Scrap Monster): Three-months tin hit $22,350 a metric ton on the London Metal Exchange this morning, its highest level since early May.

Tin has been one of the strongest base metals, rising by around 30% since mid-July, said Commerzbank, the second largest German bank after Deutsche bank, in a commodity snippet.

According to the German based bank, base metals have been generally resilient to global economic concerns, with tin getting an extra boost from Indonesian supply developments.

“Fears of market tensions following the introduction of an export duty in Indonesia are being reinforced by the news that the state-run company PT Timah, the country’s biggest tin miner, wants to take greater control of its smaller mines under concessions. This could mean a drop in output, despite PT Timah promising supplies from other mines,” Commerzbank concluded.

As of Thursday 8:24 a.m. EDT, LME tin advanced $125or 0.6% to stronger at $22,250 a ton.